Vanguard funds and ETFs reporting expense ratio changes for the fiscal year ended December 2015.

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1 Vanguard funds and ETFs reporting expense ratio changes for the fiscal year ended December Domestic Bond Index Vanguard Total Bond Market Index Fund Admiral 0.07% 0.06% 1 14% ETF 0.07% 0.06% 1 14% Vanguard Total Bond Market II Index Fund Investor 0.10% 0.09% 1 10% 0.05% 0.02% 3 60% Vanguard Short-Term Bond Index Fund 0.07% 0.06% 1 14% Admiral 0.10% 0.09% 1 10% ETF 0.10% 0.09% 1 10% Vanguard Intermediate-Term Bond Index Fund 0.07% 0.06% 1 14% Admiral 0.10% 0.09% 1 10% ETF 0.10% 0.09% 1 10% Vanguard Long-Term Bond Index Fund 0.07% 0.06% 1 14% ETF 0.10% 0.09% 1 10% Domestic Stock index 2014 Published Expense 2015 Expense Basis Point Ratio Vanguard Total Stock Market Index Fund Investor 0.17% 0.16% 1 6%

2 Admiral 0.05% 0.05% 0 0% ETF 0.05% 0.05% 0 0% Vanguard 500 Index Fund Investor 0.17% 0.16% 1 6% Admiral 0.05% 0.05% 0 0% ETF 0.05% 0.05% 0 0% Vanguard Value Index Fund Investor 0.23% 0.22% 1 4% Admiral 0.09% 0.08% 1 11% ETF 0.09% 0.08% 1 11% Vanguard Growth Index Fund Investor 0.23% 0.22% 1 4% Admiral 0.09% 0.08% 1 11% ETF 0.09% 0.08% 1 11% Vanguard Large-Cap Index Fund Investor 0.23% 0.20% 3 13% Admiral 0.09% 0.08% 1 11% ETF 0.09% 0.08% 1 11% Vanguard Small-Cap Index Fund Investor 0.23% 0.20% 3 13% Admiral 0.09% 0.08% 1 11% ETF 0.09% 0.08% 1 11% Vanguard Mid-Cap Index Fund Investor 0.23% 0.20% 3 13% Admiral 0.09% 0.08% 1 11% ETF 0.09% 0.08% 1 11% Vanguard Small-Cap Value Index Fund Investor 0.23% 0.20% 3 13%

3 Admiral 0.09% 0.08% 1 11% ETF 0.09% 0.08% 1 11% Vanguard Small-Cap Growth Index Fund Investor 0.23% 0.20% 3 13% Admiral 0.09% 0.08% 1 11% ETF 0.09% 0.08% 1 11% Vanguard Mid-Cap Value Index Fund Investor 0.23% 0.20% 3 13% Admiral 0.09% 0.08% 1 11% ETF 0.09% 0.08% 1 11% Vanguard Mid-Cap Growth Index Fund Investor 0.23% 0.20% 3 13% Admiral 0.09% 0.08% 1 11% ETF 0.09% 0.08% 1 11% Vanguard Extended Market Index Fund Investor 0.23% 0.22% 1 4% Admiral 0.10% 0.09% 1 10% ETF 0.10% 0.09% 1 10% Vanguard Index Fund Vanguard Total Stock Market Index Fund Balanced Index Vanguard Balanced Index Fund Investor 0.23% 0.22% 1 4% Admiral 0.09% 0.08% 1 11%

4 Managed Payout Vanguard Managed Payout Fund N/A 0.42% 0.38% 4 10% Tax-Managed Vanguard Tax-Managed Small-Cap Fund Admiral 0.12% 0.11% 1 8% Vanguard Tax-Managed Capital Appreciation Fund Admiral 0.12% 0.11% 1 8% Vanguard Tax-Managed Balanced Fund Admiral 0.12% 0.11% 1 8% Actively Managed Domestic Bond Vanguard Inflation-Protected Securities Fund Investor 0.20% 0.20% 0 0% 0.07% 0.07% 0 0% Admiral 0.10% 0.10% 0 0% International Stock Index 2014 Published Expense 2015 Expense Basis Point Ratio Vanguard Developed Markets Index Fund Investor 0.20% 0.20% 0 0% 0.07% 0.07% 0 0% 0.06% 0.06% 0 0% Admiral 0.09% 0.09% 0 0% ETF 0.09% 0.09% 0 0% Source: Vanguard * All expense ratios are as of the most recent prospectus. Generally, expense ratios are backwardlooking, meaning they are based on actual operating expenses reported from the prior fiscal year. For more information about Vanguard funds and ETFs, visit vanguard.com or call to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks,

5 charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing. Vanguard ETF are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund. All investments are subject to risk, including the possible loss of the money you invest. Vanguard ETFs are protected by U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623. Vanguard Managed Payout Funds are protected by U.S. Patent Nos. 8,180,695 and 8,185,464. Vanguard Marketing Corporation, Distributor.